MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces Dividend Increase – $0.31 Per Share

MetroCity Bankshares, Inc. (NASDAQ:MCBS) announced a quarterly dividend on Wednesday, October 21st. Investors of record on Wednesday, November 4th will be paid a dividend of $0.31 per share on Friday, November 13th. This represents a $1.24 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, November 4th. This is a 6.9% increase from MetroCity Bankshares’s previous quarterly dividend of $0.29.

MetroCity Bankshares has increased its dividend payment by an average of 0.2% annually over the last three years. MetroCity Bankshares has a dividend payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings.

MetroCity Bankshares Price Performance

Shares of NASDAQ MCBS traded up $0.97 during mid-day trading on Thursday, reaching $35.48. The company had a trading volume of 66,551 shares, compared to its average volume of 88,290. The business’s 50-day simple moving average is $35.11 and its 200 day simple moving average is $34.24. MetroCity Bankshares has a one year low of $24.53 and a one year high of $37.46. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 12.34 and a beta of 0.70.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). MetroCity Bankshares had a net margin of 28.40% and a return on equity of 15.16%. The firm had revenue of $49.80 million during the quarter, compared to the consensus estimate of $52.40 million.

Institutional Trading of MetroCity Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of MetroCity Bankshares during the 2nd quarter worth approximately $65,053,000. Dimensional Fund Advisors LP lifted its stake in shares of MetroCity Bankshares by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company’s stock valued at $14,300,000 after buying an additional 21,709 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of MetroCity Bankshares in the second quarter worth $7,866,000. Bank of New York Mellon Corp purchased a new position in MetroCity Bankshares during the 2nd quarter valued at about $4,563,000. Finally, De Lisle Partners LLP purchased a new position in MetroCity Bankshares during the second quarter valued at approximately $3,015,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

About MetroCity Bankshares

MetroCity Bankshares, Inc is the bank holding company for Metro City Bank, a community bank headquartered in the Atlanta metropolitan area. The bank provides traditional banking services to businesses, individuals and community organizations, with a particular focus on Korean American and other multicultural communities.

Metro City Bank offers commercial and consumer deposit accounts, commercial real estate and commercial business loans, residential mortgage loans, construction lending, home equity products and other consumer credit products.